The decentralized finance (DeFi) protocol Tropykus Finance has deployed its platform on Polygon zKEVM, in an experimental version that will be available from May 24, 2023. “zkEVM is the path to scalability on Ethereum,” said Mauricio Tovar, co-founder of Tropykus, to CriptoNoticias.
“It makes perfect sense that the financial services of the future would be built on top of Bitcoin, which is why we started and continue to be proud at RSK. We are going to take this learning to the services in Polygon”, assured Tovar. In turn, he added that are still in an experimentation phase for learning purposes and “its use will not be promoted commercially.” “We want to learn now for when the technology is ready,” she explained.
Thus, zkEVM will join Rootstock or RSK, the second layer of Bitcoin in which Tropykus was originally created. For users, this will bring benefits such as the possibility of operating with lower commissions or the possibility of delegating loan guarantees between companies, institutions and individuals.
On the other hand, Mauricio Tovar said that they seek to “reduce friction in the world of cryptocurrencies.” To that end, Tropykus will integrate “cryptocurrencies tied to local currencies, first in zkEVM and then in RSK, so that the protocol behaves more like Latin American ones, and not the other way around.” In this way, users will be given the possibility of taking debt in local currency and saving in a currency in which they like to save, such as the dollar”.
Finally, other new features described in the DeFi Tropykus protocol statement include the creation of a wallet with an email (without losing custody of the funds by the user, according to Tovar) and the implementation of “digital dollars” to replace the tokens of each network when paying commissions for transactions.
What is zkEVM and why is it important?
zkEVM is a second layer of Ethereum compatible with the EVM. A parallel could be drawn to this solution with rollups, which group transactions to bring them all together to the main network and thus save on commissions. The difference is that zkEVM is the first scalability solution to support Ethereum Virtual Machine (EVM) and thus DeFi protocols.
As Jordi Baylina commented to CriptoNoticias in October 2022, this development of Polygon was expected to take several years, but it was completed earlier.
Tropykus points out in his statement that the Vitalik Buterin, co-creator of Ethereum, says that zkEVM is the “Holy Grail” of scalability for Ethereum. This development “provides more scalability possibilities because third layers can be created on top of it and even connect other blockchains,” Tovar told this newspaper.
Likewise, the Colombian developer explained that Polygon “opens the faucet” of zkEVM little by little, because it is not completely ready yet and they want to take care of their users’ funds. However, “there are pages that show the state of the network and it is stable, with low commissions and comparable with those of other rollups.”
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